Moral laws are the most accepted values of a society particularly based on the teachings of a religion. These laws clearly tell us either to do something or not to do something e.g. speak the truth and do not tall lies, be honest in business and do not indulge in black-marketing, smuggling etc. help the poor and do not exploit them. Moral laws are permanently accepted by the people for their own spiritual well-being. Those who follow moral laws enjoy a respectable position in a society and who do not follow them lose their status.
As far as Economic laws are concerned, there are not based on the value system and, hence, do not tell us either to do something or not. These laws merely reflect economic tendencies of the people in general and are used for economic uplift of the people e.g. law of demand and law of supply etc.
The co-relationship between the two kinds of laws is very interesting. Economic activities base on moral values lead to non-economic activities. For example, honestly in business, commitment with natural ideology in the choice of develop on strong footing; whereas immoral and illegal activities like adulteration, theft, smuggling, black-marketing etc. are all non-economic activities. Thus, the economic activities of a society must be based on moral values.
The difference between economic laws and Moral laws is as follows:
Moral laws are made by the society itself. Moral laws usually reflect social traditions and religion. Whereas economic laws are influenced by human course of action. The repeatedly same behaviour of the people facing some economic problem becomes an economic law.
As the society itself makes moral laws so it makes itself follow these laws, in other Words the society itself promulgates them. Economic laws are not promulgated by any Person, or a department. The people follow them for the sake of their material interests.
Concept of Punishment:
The person who acts against the moral law is criminal in the eye of society and religion. He is punished according to religion norms. The society condemns him. The person who disobeys economic laws is not punished.
The Standard of Morel Laws:
The standard of moral law is different in various countries. For example, alcoholic drinks are banned in Islamic countries because it is prohibited by Islam. Whereas in Europe, people openly drink alcoholic and it is no sin in their society. On the contrary the standard of economic laws is same in all the countries of the world.
To be Conditional:
Moral laws are not conditional and it is very necessary to follow then and the person who does not follow them, is criminal of the society. While economic laws are conditional and they prove true only in the presence of certain conditions.
Munir Ahmed Bhutta. Economics, Azeem Academy Publishers, Lahore.
Abdul Haleem Khawja. Economics, Khawja and Khawja Publishing House, Islamabad.
Manzoor Tahir Ch. Principles of Economics, Azeem Academy Publishers, Lahore.
Muhammad Irshad. Economics, Naveed Publications, Lahore.
K K Dewett & M H Navalur. Modern Economic Theory (Theory and Policy), S. Chand Publishing.